Current account credit exploited by young people, says expert

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Current account credit exploited by young people, says expert

Graham Lund, managing director of Callcredit Information Group, said that the younger generation need to take a better view of how they spend credit to ensure they do not become overburdened by debts.

He added: "What's particularly concerning is the proportion of young people who appear to be targeting multiple providers for access to overdraft facilities."

Callcredit research revealed that almost one in ten young persons had access to more than three current accounts with overdraft facilities.

This trend extended into the adult population, of which 14 per cent used more than one overdraft.

One in twenty people have now stopped paying off their bills and reverted to minimum fixed payments.

It was recently announced by uSwitch.com that the average energy consumer is in five per cent more debt - £132 - to their supplier than last year.

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